Better than expected UK retail sales report has seen pound pairs rally
As per my previous data post the second-wave demand has appeared and now GBPUSD posts fresh 8month highs of 1.3038 with EURGBP continuing its session fall to post 0.8540
More offers/resistance at 1,3050 and bids/demand/support at 0.8530.
Gone a long way in a short time but we now have new range to play 1.2950-1.3100.Still a long way to go before any major reversal is confirmed imho
No one can accuse me of being myopic to the sell side. My early post warned of dip demand and upside data risk.
One data set does not an economic miracle make but in these ever fragile times it's more than enough to rattle the algos and shake out a few of the weaker positions.
Good luck for the rest of the day if we don't get chance to chat again.
Note my previous public service announcement.
Please be advised that my area has a planned power cut scheduled at 09.00 GMT to carry out essential works.
Hopefully it won't happen any earlier so I can get the data and analysis out to you at least.
Adam will be along to cover at 10.00 GMT so apols for any break in service but regrettably beyond my control.
Thanks for understanding.
